Hayleys wins four awards for excellence in financial reporting

Sri Lanka’s Best Corporate Citizen Hayleys PLC and the Blue chip conglomerate’s subsidiaries were honoured with four awards for excellence in financial reporting at the 2010 Annual Report Awards presented by the Institute of Chartered Accountants of Sri Lanka (ICASL).

The Group won two Golds, a Silver and a Bronze at this prestigious event, at which 81 leading corporate entities vied for recognition.

Hayleys PLC was awarded joint Gold and the Lal Jayasundere Memorial Trophy for the best annual report among diversified holdings with more than five subsidiaries and the Bronze for Overall Excellence in Annual Financial Reporting; Hayleys Advantis, the Transportation and Logistics arm of Hayleys bagged the Gold award in the ‘Service Organisation category, while Kelani Valley Plantations PLC (KVPL) took the Silver in the Plantations category.

“The Annual Report is one of the pillars of good governance for a listed company,” Hayleys Chairman Mohan Pandithage said. “Hayleys companies in diverse business sectors have consistently won local and international awards for the quality of their financial reporting, demonstrating that transparency and responsibility to shareholders are accorded top priority.”

Hayleys PLC and its subsidiaries have won multiple awards in many categories over the four and a half decades that the Annual Report awards have been presented by the ICASL.

Just one month before it received these awards for financial reporting, Hayleys PLC was adjudged Sri Lanka’s Best Corporate Citizen for the fourth time by the Ceylon Chamber of Commerce for the Group’s demonstrated commitment to sustainability and to the needs of the community, its business partners and other stakeholders.

The panel of judges for the ICASL Annual Report awards comprised of 15 members and was chaired by Central Bank Governor Ajith Nivard Cabraal. A team of 150 Chartered Accountants was entrusted with closely scrutinising the annual reports during the initial selection process, while some 40 experts from the sectors represented were tasked with going through the reports in their respective sectors.

Established in 1878 and rated a Business-to-Business (B2B) Superbrand among Sri Lanka’s diversified conglomerates, the Hayleys Group employs more than 30,000 people, and accounts for 2.45 per cent of Sri Lanka’s export income.

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